Suroco Energy Inc. Announces Further Adjournment of Shareholder Meeting

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") announces
that it has further adjourned its previous announced annual and special meeting
of shareholders of the Corporation until 10:00 a.m. (Calgary time) on Monday,
July 14, 2014 (the "Meeting"). The Corporation has determined that the most
prudent course of action was to further adjourn the Meeting to allow the Board
of Directors to complete its consideration of the competing offers for the
Corporation. The additional time will also allow the Corporation to distribute
any supplemental information it deems necessary and permit shareholders to
properly assess those competing offers for the Corporation. 


At the Meeting, in addition to annual general meeting matters, shareholders of
Suroco will be asked to consider and, if deemed advisable, to pass, with or
without variation, a special resolution (the "Arrangement Resolution") approving
a statutory plan of arrangement under section 193 of the Business Corporations
Act (Alberta) in accordance with the terms and conditions of the arrangement
agreement dated April 26, 2014, as amended by the agreement to amend the
arrangement agreement dated June 19, 2014, between Petroamerica Oil Corp.
("Petroamerica") and Suroco (the "Petroamerica Arrangement"). Under the
Petroamerica Arrangement, Petroamerica will acquire all of the issued and
outstanding common shares of Suroco.


The Board of Directors at this time has no further update from the information
that it provided to its shareholders in its June 27, 2014 press release.
Furthermore, the Board of Directors of Suroco reaffirms that at this time it has
not withdrawn, modified, or changed its previous recommendations and hereby
continues to unanimously support and recommend the Petroamerica Arrangement (see
the Corporation's June 27, 2014 press release).


The Board of Directors continues to receive communications from Suroco
shareholders as to their preferred course of action for the Corporation and
those communications thus far favour a preference for the Petroamerica
Arrangement over a pure cash transaction.


The deadline for the receipt of proxies for the Meeting is 10:00 a.m. (Calgary
time) on Friday, July 11, 2014. The Meeting will be held at the offices of
Gowling Lafleur Henderson LLP at TD Canada Trust Tower, Suite 1600, 421 - 7th
Avenue S.W., Calgary, Alberta.


If you have any questions or require more information with regard to voting your
shares of Suroco Energy Inc., please contact Georgeson, Toll-Free in North
America at 1-888-605-7641 or outside North America, collect at 781-575-2422 or
via email at [e-mail].


Dissenting shareholder's written objection to the Arrangement Resolution must be
received by Suroco, care of its solicitors, Gowling Lafleur Henderson LLP, 1600,
421 - 7th Avenue S.W. Calgary, Alberta T2P 4K9, Attention: Jeffrey Oliver, not
later than 5:00 p.m. (Calgary time) on the day that is two business days
immediately preceding the date that any adjournment or postponement of the
Meeting is reconvened or held, as the case may be.


In addition to revocation in any other manner permitted by law, a shareholder of
Suroco may revoke a proxy by instrument in writing executed by such shareholder
or such shareholder's attorney authorized in writing, or, if the shareholder is
a corporation, under its corporate seal or by an officer or attorney thereof,
duly authorized, and deposited either at the registered office of Suroco at any
time up to and including the last business day preceding the day of the Meeting,
or any adjournment thereof, at which the proxy is to be used, or with the
Chairman of the Meeting on the day of the Meeting, or any adjournment thereof.
The registered office of Suroco is Suite 1600, 421 - 7th Avenue S.W., Calgary,
Alberta T2P 4K9.


General 

The Corporation is a Calgary-based junior oil and gas company, which explores
for, develops, produces and sells crude oil, natural gas liquids and natural gas
in Colombia. The Corporation's common shares trade on the TSX Venture Exchange
under the symbol SRN. 


Forward-Looking Statements

Certain statements included in this press release constitute forward-looking
statements under applicable securities legislation. These statements relate to
future events or future performance of the Corporation. All statements other
than statements of historical fact are forward-looking statements. In some
cases, forward-looking statements can be identified by terminology such as
"may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate",
"predict", "potential", "continue", or the negative of these terms or other
comparable terminology. Forward-looking statements or information in this press
release include, but are not limited to, the timing of the Meeting, the
consideration of the Petroamerica Arrangement by shareholders of the
Corporation, and other statements that are not historical facts. Readers are
cautioned not to place undue reliance on forward-looking statements, as there
can be no assurance that the plans, intentions or expectations upon which they
are based will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties, both general
and specific, that contribute to the possibility that the predictions,
estimates, forecasts, projections and other forward-looking statements will not
occur, which may cause actual performance and results in future periods to
differ materially from any estimates or projections of future performance or
results expressed or implied by such forward-looking statements. These
assumptions, risks and uncertainties include, among other things, the state of
the economy in general and capital markets in particular; fluctuations in oil
prices; the results of exploration and development drilling, recompletions and
related activities; changes in environmental and other regulations; risks
associated with oil and gas operations and future exploration activities; the
need to obtain required approvals from regulatory authorities; product supply
and demand; market competition; political and economic conditions in the country
in which the Corporation operates; and other factors, many of which are beyond
the control of the Corporation. You can find an additional discussion of those
assumptions, risks and uncertainties in Suroco's Canadian securities filings. 


The forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, Suroco disclaims any
intention and assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Additionally, Suroco undertakes no obligation to comment on the expectations of,
or statements made by, third parties in respect of the matters discussed above.
New factors emerge from time to time, and it is not possible for management of
the Corporation to predict all of these factors and to assess in advance the
impact of each such factor on the Corporation's business or the extent to which
any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statement or information.
The forward-looking statements contained herein are expressly qualified by this
cautionary statement. Moreover, neither the Corporation nor any other person
assumes responsibility for the accuracy and completeness of the forward-looking
statements.


The TSX Venture Exchange Inc. has in no way passed upon the merits of the
Petroamerica Arrangement and has neither approved nor disapproved the contents
of this press release.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Suroco Energy Inc.
Alastair Hill
President and Chief Executive Officer
[phone]


Suroco Energy Inc.
Travis Doupe
VP Finance and Chief Financial Officer
[phone]
[phone] (FAX)
www.suroco.com